Webinar program

Module 1: Turnkey IFRS transformation architecture:

• the place of transformation in the modern financial reporting cycle;
• the end result of the transformation project for the company;
• Composition of the full package of results: IFRS statements, notes, XBRL, and an audit package;
• typical management expectations and the actual scope of work.

Module 2: Who, when and on what basis transitions to IFRS:

• the range of companies that apply IFRS;
• peculiarities of public and private companies;
• Decision on the transition to IFRS and its documentation;
• transition date, first reporting period and first annual IFRS financial statements;
• common mistakes in determining the transition date and their consequences.

Module 3: IFRS 1: First-time Adoption of International Financial Reporting Standards:

• the general principle of retrospective application;
• mandatory exceptions;
• voluntary exceptions;
• conditional reasonable cost;
• selecting exceptions depending on the type of company and data availability;
• the impact of IFRS 1 decisions on subsequent audits and accounting policies.

Module 4: How to organize a transformation project within the company:

• Formation of a working group and distribution of responsibilities;
• involvement of accounting, finance, lawyers, technical departments, and HR;
• Inventory of assets and liabilities for IFRS purposes;
• a list of information to be collected before the transformation starts;
• interaction with the management entity in state-owned companies;
• documenting professional judgment.

Module 5: Working transformation technique:

• the concept of transformation and its components;
• recognition, non-recognition, measurement, reclassification;
• transformation adjustments as of the date of transition;
• transformational adjustments after the transition date;
• structure of the transformation working file;
• a journal of adjustments and a transformation table;
• technical line item reclassifications in the financial statements.

Module 6: Accounting policies and model IFRS reporting:

• general provisions of the accounting policy;
• reporting policy and choice of presentation approaches;
• object-based accounting policy;
• structure of a complete set of financial statements;
• preparation of notes to the financial statements;
• significant judgments, estimates and assumptions;
• preparation of notes as part of the transformation process.

Module 7: Non-current assets: fixed assets, intangible assets, capital investments:

• deemed prudent cost and its application;
• Recognition and derecognition of objects;
• a multi-component approach to fixed assets;
• repairs, modernizations, useful lives and residual values;
• investment real estate;
• assets under construction;
• capitalization of interest;
• independently created intangible assets;
• intangible assets on tangible media;
• impairment;
• non-current assets held for sale.

Module 8: Inventory and the production cycle in transformation:

• analysis of the age of stocks;
• provision for illiquid assets;
• net realizable value;
• construction materials, spare parts, low-value and wear-and-tear items;
• advertising stocks;
• deferred payment inventories;
• finished goods and work in progress;
• reclassifications between inventories and non-current assets.

Module 9: Accounts 36 and 37: accounts receivable and settlements:

• trade receivables;
• other settlements with debtors;
• financial and non-financial assets;
• contractual assets;
• long-term and current receivables;
• discounting long-term amounts;
• provision for expected credit losses;
• deferred expenses;
• VAT on advances paid;
• getting to the correct IFRS items in the Statement of Financial Position.

Module 10: Accounts 63, 68 and tax arrears:

• accounts payable for goods, works, services; ️- other settlements and mixed liabilities of Ukrainian accounting;
• advances have been received;
• contractual obligations;
• financial and non-financial liabilities;
• allocation of the current and long-term parts;
• old and restructured liabilities;
• VAT on advances received;
• separate presentation of budget settlements;
• cleaning up accounts for correct IFRS presentation.

Module 11: Financial instruments, money, borrowing and discounting:

• classification of financial assets and liabilities;
• SPPI test and business model test;
• amortized cost;
• market and non-market rates;
• significant discounts;
• long-term and current loans;
• restricted funds;
• funds in troubled banks;
• interest income and financial expenses.

Module 12: Lease, collateral, employee benefits, targeted financing, capital:

• identification of lease agreements;
• right of use and lease obligations;
• long-term and current components of the lease liability;
• amortization of rights of use and lease finance costs;
• Provision for vacation and employee benefits;
• lawsuits, warranty obligations, restructuring, asset liquidation, onerous contracts;
• targeted financing and deferred income;
• equity in revaluation surplus, donated assets, other components of equity.

Module 13: Income, expenses, income tax and deferred taxes:

• revenue from contracts with customers;
• contractual assets and contractual liabilities;
• product returns and unrealized customer rights;
• variable compensation and a significant financial component;
• the degree of completion of works and services;
• cost classification;
• Recognition of financial expenses on lease and discount;
• current income tax;
• overview of the logic of deferred taxes;
• temporary differences based on the restated statement of financial position.

Модуль 14. Фінальний пакет: примітки, XBRL, аудит, українські форми, контрольні точки:

• preparation of a full package of IFRS financial statements;
• the minimum required composition of notes;
• Preparation of the audit package;
• transition from a transformation table to XBRL reporting;
• control checks before submission;
• linking IFRS reporting to Ukrainian tax and statistical forms;
• typical methodological errors in transformation;
• "red flags" for the preparer of the reports, the consultant and the auditor.